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Today, I sat down with Carl from The Moon
as always on Thursdays to discuss whether Bitcoin is bearish
or bullish right now. Looking at different timeframes,
we may be getting different answers, but Ethereum does seem to be
shaping up for a breakout. I'm going to let him tell you a little bit
more about that in this video. If you do want to trade Ethereum or Bitcoin or XRP, you guys make sure to go to
bitboycrypto.com/deals, and you can go to the Phemex and Bybit sections. And if you sign up for either one,
you can get some great deposit bonuses on our site. Also, check out our full reviews on bitboycrypto.com
under the Reviews section. Alright, guys, let's go ahead and jump into the video. Hey, everybody! Today, as always on Thursdays,
I'm joined by Carl from The Moon. You guys make sure to subscribe down to his
channel down below in the description. Today, we're going to be talking about Bitcoin
and a potential breakout for Ethereum. A lot of people are talking about Ethereum,
so we're going to end with that.
But, Carl, how are you doing today? I'm doing very, very well. I'm still here in Dubai. It's getting hotter and hotter. But soon, I'm going to have to escape
over to Europe again. But I'm having a great day and time here in Dubai. – How are you doing?
– Well, I'm doing pretty good. I'm getting ready to go down to Miami tomorrow for Bitcoin 2021. I've seen a lot of people posting about being down there, and I'm just like, the party don't start until I walk in, so I'm a little upset with these people
down there partying before I get there, but some people have jobs.
Some people have to work. You know what I mean? Somebody's got to make the content. I thought it was funny, like, a lot
of people are talking about how everybody on YouTube's numbers
are down this week, and I was like, "Well, it's because
all of our viewers are in Miami." There's like 50,000 people there. – Oh? 50,000?
– That's what they say. That's what Cointelegraph said. They said they're expecting 50,000
people down there this week. And a lot of them already there, so the festivities actually, you know, popped off today. But we, you know. I got videos– I've got to sit down
with Carl and talk about Bitcoin. You know, that's what I got to do on Thursdays. While these other people are out there,
I don't know, like drinking and partying, we're working.
We're grinding. – Because we care about the people.
– Right. – Carl, let's show him what's going on with Bitcoin.
– Of course. Yeah, definitely. I mean, everyone is a little bit– Everyone always wants to know
if it's going to go up or down, and it's always a little bit different
on different timeframes. – I always tell people that we can be
bullish on the weekly
– Yup. while bearish on the daily
and then bullish on the 4-hour. So it all depends on what timeframe you look at. – So we can just head into the charts
and take a look at that.
– Yeah. Let's do it. Alright. So this is the Bitcoin price
on the 4-hour timeframe. And the reason why I'm starting off
on the 4-hour is because we can see that this triangle that
Bitcoin has been forming is seemingly right now breaking to the upside.
The only problem is that we're not seeing
the type of volume that I would like to see when we see this breakout because
without any significant volume, there is the risk that we might see
a fakeout like this, right? So I would love to see more volume come in here. But one thing that was bullish that
I really liked was the fact that – Bitcoin clearly broke above the 4-hour EMA ribbon here.
– Yes. And I think that's a nice bullish flip on the 4-hour timeframe. So that's when I flipped bullish actually on the 4-hour. So let's go to the daily timeframe because on the daily, – we're still clearly in a downtrend here.
– Yeah. I think everyone has to see that. And we have the daily ribbon above us,
so the resistance is basically above us right now.
And even if we just bring out something like– I mean, we can bring out the moving averages, and we're still below the 200 daily moving average and we're right now testing the 20 daily moving average. So looking at the daily timeframe, you have to just realize that we are bearish. It's a bearish trend. So, yeah. We can– like I said, we can be bullish on one
timeframe while bearish on the other.
That said, we can go to the weekly as well
and take a look at that because bringing out the moving averages here, we look bullish. – We're way above the 200, 100 and 50.
– Yeah. And if we bring out the weekly
EMA ribbon for example, you can see that we got a beautiful
bounce off of the low, the lower part of the ribbon here, and we're still above it, so the weekly is bullish. The daily is bearish.
The 4-hour is bullish. There you go. And let's just go back into the 4-hour real quick and talk about the fact that we are
seeing this triangle break out, and also of course we saw this small little– I'm not sure. Did we talk about this last–? No– I don't know if we did or not, but I did talk about it on my channel yesterday. – The inverse head and shoulders?
– Yeah. – Yeah, this broke out very nicely here
and of course met my target there.
– Yeah. But– Yeah. So we're breaking out. And technically, the targets should be something like this, – which gives us a target of $51,000.
– Yeah. But in my opinion, I think that
if we do see a breakout like this, which is possible, I would probably target this neckline out
of this bigger head and shoulders – because that's big resistance.
– Yeah. So instead of targeting exactly that level, I would just target the neckline, which will be maybe something like
$46,000, $46,500 for Bitcoin.
But without the volume, I wouldn't say that
I am that confident in that big pump because if we see that happen, this would actually lead to a bullish
reversal on the daily timeframe, and like I said, so far, we're still bearish on the daily. So the bulls are the ones that have – all the heavy work to do here in my opinion.
We have to change this trend because
we're still in a bear trend for Bitcoin. Yeah. Carl, I may need you to do that. If you could, go ahead and flip that. – That would be nice because let's see the breakout.
– I will try. Two questions, Carl. No. 1: What kind of volume would you
be looking forward to confirm? Like, what kind of– just kind of looking
at the bottom at the volume, is there a specific kind of like, you know, size of a bar there down there that
you would look forward to match? So, well, let's just say that – the pattern has this volume right there,
– Yeah. and you want the volume spike
to be preferably way above – most of the candlestick
– Got you. or the volume's candles in this pattern. So – I mean, something like this maybe, right?
– Yeah. – And right now, we're very, very low compared to that.
– Got you. Well above or below that. Yeah. Well below. So even though I actually put in a long position
here when we broke the 4-hour ribbon, I still am a little bit cautious here because
you could also make the case that the pattern maybe should look something like this, and in that case, it looks like we didn't break out yet.
That's why we had to– yeah, we have to pay attention to the volume. And I would say if we do see any signs
that we might start rolling over, then I'm just going to exit my position because I think that there is a big
risk of a throwback here. – Potentially.
– Yeah. That's what I'm seeing for Bitcoin. Without the volume. Yeah. So let's– if you could pop that
EMA ribbon back up for the daily, because I would like to see like what number would
Bitcoin need to get to to kind of flip that ribbon. So it's looking like kind of about the same place, like right about that $46,000 level,
somewhere around there? – Right now, it's at 46, but within like 4, 5, 6, 7 days,
– It's going down. – it's going to go down, right?
– So I would say maybe $44,000
– Okay. because you can see that, of course,
it's going to come down like this maybe. So– but, yeah, let's say $45,000, $40,000– yeah,
$45,000 to break above into bullish again. But the gap– there's a lot of stuff that has to happen
on the daily for me to flip really bullish. Breaking the ribbon is not enough for me. I really want to see Bitcoin break
also above this neckline. Yeah. I mean, you can see we broke
above the daily ribbon there, – but we actually came back below it again,
– Yeah. so it doesn't have to necessarily
be like the signal always. This resistance here is super powerful, and we have to break above that one
for me to flip 100% bullish on the daily – because right now I am bearish on the daily timeframe.
– Got you. Okay. So let's talk about Ethereum though because Ethereum I know you said
you are very bullish on right now.
You said it could be approaching a breakout. Do you think it could break out
even if Bitcoin stays stagnant? Tell us what you're seeing with Ethereum. Okay. So let's say– I wouldn't say that I'm bullish yet. I would be bullish if we break this line right here, which is the $2,890 level approximately. You can call this a double bottom.
And if we break the neckline, we will see a pump. You can also call this an ascending triangle like so, which looks quite beautiful. And– yeah, everyone wants to know the target, – so let's take a look at the targets
in this case if we do this.
– Okay. Like this. And you can see that this would be a pump
up to approximately $4,000 if we see this descending triangle play out. and obviously it will be pretty much
the same for the double bottom. If you want to pull this down all the way
down to the lowest wick there, then you can say that the target should be, maybe [$4,100]. But let's say [$4,000] to round it up. It could be the target here. And, yeah, these breakouts could happen
within the next couple of hours, but it could also take maybe another 2-3 days. So this is– it all depends. Either we break out here, or we see another
leg down like this and break out here.
But as any bullish pattern, they are not guaranteed to break out to the upside. They can actually break down. That's why I always advise people to wait. Don't trade it yet. You want to wait until the breakout because
if you actually trade the actual breakout, you are much likelier to actually
make money off of the trade because as soon as we break resistance, the chance of us continuously going higher
is much higher than before resistance. Longing in resistance like this is very, very bad because obviously we are very likely
to see this play out, right? Yeah. Or maybe– yeah. So wait for the breakout.
That's what I always say to people. Yeah, definitely. Well, I think that, you know, it's very interesting
to see Ethereum having these moves and these potential breakouts because getting back to $4,000 would be
almost right back to all-time highs, meanwhile Bitcoin is not even close you know, to return to all-time highs.
So it's kind of like it's really amazing to think about, you know, how far
Ethereum has come since earlier this year, you know, February, March,
when it was down so much, and if it does get this big move, it's going to eat away again at that Bitcoin dominance, and like we talked about last week, I definitely think that we are going to see Ethereum
have a great chance to flip Bitcoin in this cycle, at least temporarily. – So, Carl, thank you so much for joining us.
– Yeah? Definitely been insightful. This $4,000 target keeps coming up, you know,
with people I'm talking about with Ethereum, so hopefully that is something we do see. You got anything you want to leave us with today? Yeah, just like– so for Bitcoin, there's a lot that has
to happen for me to flip bullish on the daily, but for Ethereum, actually, I believe I will flip [bullish]
as soon as we break this resistance.
I'm still technically I would say neutral here, neutral or bearish, because we are consolidating
after a big bear trend, but breaking above this level is enough for me
to believe that the bulls are back and we're probably going to see
a break to the upside. But that's it. – Trade the breakout. Wait for that.
– Love that. Alright, guys. Make sure you make
your comments down below. Let us know what you think Ethereum
and Bitcoin are going to do this week. We'd love to see your thoughts and opinions. – That's all I got. Be blessed.
– And can we reach 15,000 likes? Oh, that's right, guys. Before we leave,
make sure you hit that like button for us.
– Yeah. We can get 15,000 on this. BitSquad, that's easy peasy. Hit that lemon squeezy. Okay? Alright, guys. Make sure you make
those comments down below. That's all I got. Be blessed. BitBoy out..